Great Western Minerals Group Ltd. (TSX VENTURE: GWG) (PINK SHEETS: GWMGF) recently announced that, at the request of Toyota Tsusho Corporation it has extended the expiry date of the non-binding letter of intent between Great Western Minerals Group Ltd and Toyota Tsusho Corporation, originally announced in the Company's news release of July 21, 2009.
Top Best Penny Stocks, a leading financial publication, is pleased to alert investors of stocks on the move. Sign up for our Free Stock Newsletter.
The expiration date of the Letter of Intent has been extended to March 31, 2010 to allow TTC additional time to compile assay results and to complete metallurgical testing of the samples collected by TTC from the Company's Douglas River and Benjamin River exploration projects. The exclusivity provision in the original Letter of Intent will remain in effect during the period of the extension. Jim Engdahl, President and CEO of Great Western Minerals Group said, "We understand the delays that TTC has encountered in completing its assessment of the potential for these two properties and are pleased to grant an extension to allow TTC the time to complete this work. In the meantime, we will continue with our exploration programs on these properties." The completion of any transaction as contemplated by the Letter of Intent is subject to several conditions, including the completion of all necessary legal, financial and technical due diligence reviews, the entering into a definitive agreement between the parties and receipt of all necessary consents and approvals, including board and regulatory approvals. There is no assurance that a transaction as contemplated by the Letter of Intent will be completed as proposed, or at all.
Great Western Minerals Group Ltd. is a Canadian-based company with four active rare earth exploration and development properties in North America with an option on a former-producing property in South Africa. In addition, as part of the Company's strategy to pursue a vertically-integrated business model, the Company's wholly-owned subsidiaries of Less Common Metals Limited located in Birkenhead UK, and Great Western Technologies Inc., located in Troy, Michigan, produce a variety of specialty alloys for use in the battery, magnet and aerospace industries. These "designer" alloys include those containing aluminum, nickel, cobalt and the rare earth elements.
Sign up for Top Best Penny Stocks' free newsletter. To subscribe, enter your e-mail address into the frame at the bottom of this press release or visit our website.
Follow us on Twitter: http://www.Twitter.com/topbestps
About Us
Top Best Penny Stocks is a leading stock web site that allows investors and interested parties to research stocks that are on the move. We also track small cap companies that are on the brink of a financial breakout. To feature a company on our web site please contact us at the email listed below.
Please click here to read the full disclaimer.
